On August 29, Michael McDonough, Bloomberg’s chief economist for financial products, announced a new development in integrating Web3 technologies with traditional financial tools. Let’s take a closer look at this important news for Polymarket.
Bloomberg and Web3
Polymarket, built on the Polygon network, allows users to create and place bets on various event outcomes, leveraging transparent on-chain data and smart contracts for transactions. This platform has become a leading source for real-time election odds, with August’s trading volume nearing $450 million, according to Dune Analytics. Total bets on the November 4 U.S. presidential election on Polymarket have approached $760 million.
About Polymarket
Bloomberg’s integration will feature Polymarket’s odds for the U.S. presidential election alongside data from other prediction markets, such as PredictIt, and traditional polling services. As the world’s most popular institutional financial data platform, Bloomberg Terminal commands approximately one-third of the market share for financial data services, with around 350,000 global subscribers, as noted by Wall Street Prep.
Competition and Prospects
Polymarket's data provides insights into electoral odds, with recent figures showing Republican candidate Donald Trump holding a slight edge over Democrat Kamala Harris, with odds of 50% versus 48%, respectively. This integration highlights how traditional financial institutions are beginning to incorporate Web3 technologies. However, Polymarket faces competition from emerging platforms in the Web3 space. For instance, the Solana-based Drift Protocol’s BET platform surpassed Polymarket in daily trading volume for the first time on August 29, indicating a rapidly evolving landscape for prediction markets and the growing importance of Web3 in the financial sector.
The integration of Polymarket into Bloomberg Terminal is a significant event for the financial sector, underscoring the growing interest of traditional financial institutions in Web3 technologies. This collaboration highlights Polymarket as a key player in blockchain-based predictions and sets ambitious goals for other platforms.
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